Business and technology quick bites

Updated version as at 12.30 pm

The highlighted words in red are links to the news article.

March 2, 2021,

Business 

1. Softbank unit,  Z Holdings,  to invest USD5 billion over five years after completing a merger with popular messaging app Line, creating a USD30 billion domestic internet heavyweight. Z Holdings said it is targeting sales of 2 trillion yen and operating income of 225 billion yen in three years, as the coronavirus pandemic boosts demand for online services. Two thirds of Z Holdings shares will be owned by a new holding company, A Holdings, owned 50:50 by SoftBank Corp and South Korea’s Naver Corp.
2. Reddit’s founder and three others announced the final close of a USD17.5 million debut fund for Pakistani startups. The new fund is to help Pakistani startups with product strategy and growth, as well as raising follow-on capital.
3. Citi says bitcoin has the potential to become the currency of choice for international trade. Bitcoin’s surge the last couple of months has forced big Wall Street players to reevaluate the cryptocurrency. After reaching an all-time high of more than USD58,000, bitcoin’s price has shed more than USD10,000. It’s still up more than 60% on the year and 460% in the last 12 months.
4. Amid expectations of an economic recovery, economists expect BNM to maintain the overnight policy rate at 1.75%.
5. AmBank was given a few days to negotiate the RM2.83 billion settlement to the Malaysian government for its involvement in the 1MDB fiasco.
6. Top Glove plans to raise US$1.9 billion in Hong Kong listing. Why does the world biggest rubber glove maker needs to raise this much capital, given that it is sitting on a large net cash pile?

Technology

1. Zoom shares on the rise after its earnings surged to nearly USD1 billion in 2020. The video communications company’s shares gain nearly 10% after-hours trading after its adjusted earning grew by nearly ten times, adding USD2 billion in revenue.
2. Square financial services is now officially a bank. The trend of fintechs becoming bank continues. According to Square CFO and executive chairman for Square Financial Services, Amrita Ahuja, bringing banking capability in house will allow the fintech to “operate more nimbly.”